Banco Sabadell and Amundi have entered a 10-year strategic partnership for the distribution of Amundi products across Banco Sabadell’s networks in Spain.
The deal is aimed at boosting Banco Sabadell’s fund business.
The French asset manager will also acquire 100% of Sabadell AM, which has €21.8bn of assets under management, of which €16.1bn is in Spanish-domiciled funds.
The AuM from fund manager Urquijo Gestion, however, is not part of the deal and will be transferred to Banco Sabadell prior to completion, which is expected in the third quarter of 2020.
Amundi chief executive Yves Perrier said “this partnership is in line with Amundi’s strategy to deploy in Europe its capabilities and resources to serve customers through retail networks”.
The acquisition is “a step to reinforce significantly our position in Spain, a major savings market in Europe”.
Mutually beneficial
Banco Sabadell’s retail clients are expected to benefit from Amundi’s wide range of savings and investments products, and a comprehensive set of tools.
Whereas Amundi will gain access to Banco Sabadell’s 1,900 branches regional branches.
Sabadell Asset Management and Amundi Iberia will remain two separate legal entities, in order to preserve the operation of investment funds or pension plans of each entity:
- Sabadell Asset Management will remain dedicated to Banco Sabadell’s network, and will leverage on Amundi’s comprehensive capabilities to better serve its customers.
- Amundi Iberia, which manages €21bn, will remain focused on its existing customers.
